When you realize that you are stuck in a situation where you want to sell your house fast but don’t want to wait for the prolonging home selling process? Here is when “we buy houses for cash” companies come into play. This sign on the hoarding can be very pleasing to your eyes while you are finding ways to sell your house fast.

So here we are explaining about the topic we buy houses for cash – how does the process work. As the name says it all we will be enlightening you about the depths of the topic. You can likewise choose your options wisely in the coming time for selling your home.

Types of Homeowners That Approach “We Buy Houses for Cash” Companies

There could be endless reasons that a homeowner would sell its property to a We Buy Houses Company. A possible reason could be an unexpected death of an elderly person. Instead of inheriting the property and waiting for to process to complete. They would sell it to companies that buy houses fast. Another reason might be a couple settling to another state after marriage.

One more reason apart from dodging to inherit a home is that nobody likes to implement improvements that cost dollars. Reason being, only to get the house back in a proper working condition with essential amenities to suffice.

We have put forth the potential categories of homeowners who approach these companies and sell house for cash. You can sell a home without being trapped in the hassles of paperwork and legal processes.

Given below are the types of homeowners and their reasons for why they approach these companies –

• Sellers whose homes are stagnant on the market
• Couples who have filed a divorce and would be separating
• Homeowners facing bankruptcy
• Sellers with homes in probate or foreclosure
• Homeowners who are relocating for jobs
• Homeowners who are evicting tenants
• Unoccupied homes

It is not necessary that the people mentioned above would be selling their homes for cash for the specified reasons. For example; there could be a possibility that the people selling the houses are additional assets amongst the possessions they own. Another possibility is the homeowner doesn’t want to safeguard the property but, require hard cash to gain financial stability. Sometimes selling a property is just for mere convenience and shedding that extra baggage of responsibility off their shoulders.

How Does “We Buy Houses For Cash” Work?

1. Fill Out The Property Details Form

Buyers who buy such properties look for distressed homeowners who would be interested in selling their house below the market price in exchange for a hassle-free, all-cash transaction that involves zero legal processes. The process is extremely simple, you just have to fill up a form and fix a meeting with the potential buyer, rest they’ll take over.

2. Home Evaluation Process

Once the form is filled and reviewed, they will call you for the verification and confirmation. They’ll ask if you are a hundred percent sure to sell your property. Further, they will plan a meeting to evaluate the condition of your property. They’ll also fix a price prior to proposing the final offer to you.

3. Buyer Proposed, No-Obligation Offer For Cash

After evaluating the condition of the home, the cash buyer will propose a no-obligation cash offer. It would mean you are not obliged to accept their offer. If you are not happy with the proposal, you won’t be liable to pay any commission to the buyer.

Companies that buy houses for cash purchases your house in whatever condition it may be. They buy ugly and damaged properties; nonetheless, it is expected from the seller to not to expect a really high price for the property.

4. Final Purchase Of The House

If you agree to sell property for cash then the cash buyer will purchase your home and perform all the legalizations on your behalf. There will be no real estate agents or any kind of commission involved.

If you don’t want to sell your property but, have noticed these signs around in neighborhood which say buy my house fast or if you know anyone who wants to sell property for cash. You can contact companies like ‘Elite Properties’ they will get in touch with the seller. If the company purchases the property that you introduced, they’ll pay you the commission as the top finder’s fee.

The Bottom Line

Now when you know the in-depth process of how “we buy houses for cash companies” work, you could easily sell your house fast for cash and obtain good returns on your ugly property. Furthermore, if you are residing in NYC and want to sell your housefast, then we buy houses for cash is the only option for you. Get in contact with ‘Elite Properties’ and sell your house within 3 days in any condition, any location. The company will pay your legal fees and closing cost. Call them today on 718-977-5462, and keep all your estate crisis at bay.

There are several key advantages of buying a foreclosed home it could be tremendously rewarding as far as investment is concerned. It is crucial to ask questions before purchasing a foreclosed property like – for how long has the property been on the market? You’ll be paying cash or mortgaging? How much money will you have after the purchase? So on so forth, if you have answers for such questions then you are rolling in the right direction where it clearly gives a heads up for purchasing it.

We would also like to enlighten you further on the ways to buy a foreclosed property as it comes in multiple forms like short sales or pre-foreclosures, we hope it helps you get the right property.

Buying Foreclosed Property Through Auctions

It is essential for you to understand that foreclosed properties are sold as-is. If the house has shabby exteriors of worn-out floors, the property will be auctioned anyway with prevailing faults.

The home buying process is much simpler in auctions where the highest bidder wins even if it is for a small amount this particular type of bidding is known as an absolute bid. There is another way of bidding also called as the reserve bid in which the property has to be auctioned for the given price or else the lender gets the title. The purpose of selling foreclosed properties is to achieve the highest price on them.

If you have made up your mind to buy a foreclosed home through an auction then for obvious reasons, you won’t be able to get your hands on a walkthrough. Paying for an unevaluated property could be a bane for your pocket as there are clear chances you’ll end up paying a lot more than anticipated due to additional repairs that come later in the play. As soon as you buy the house, you are designated as the rightful homeowner of the property where eventually you stand liable for all the necessary home improvements that occur post purchasing.

Hence, even if you have bought the property for a cheaper cost through traditional way, repairs can make your pockets bleed money. Do your thorough research and talk with brokers who are willing to work with you and try not to go into the process blindly.

Buying Foreclosed Property Through Banks

There are mainly two types of foreclosed homes which are –

1. REO(Real Estate Owned) Properties
2. Bank Owned Properties

Both of the above foreclosed properties are under the ownership of the lender which is mostly the bank, the only way of differentiation is the stage of the foreclosure process. Before you proceed with the buying of the property at auctions or through banks make sure you get a mortgage.

Whereas buying a foreclosed property through cash could be the soundest option it may be not so feasible for many homebuyers. If you have thoughts on buying a foreclosed property with the help of a loan then it is advisable to prequalify and get a preapproval letter before you start with the research and proceed with the home buying process. The latest preapproval letter from the lender or bank will aid in providing detail of how much money you can have in the form of a loan, based on the lender’s evaluation of your credit score or income.

Buying Foreclosed Property Through Brokers

The professionals know the best, real estate agents are highly experienced in their stream they will assess your property inclusive of factors like the current condition of the house, locality, and neighborhood. If you are a first-time foreclosure buyer we advise you to get in touch with a broker who knows the tricks of the trade as far as REOs come into play. Hiring a real estate agent would surprisingly cut down your legwork and time and steer to your desired property.

Although it is the most advised suggestion for new home buyers, we would also like to inform that buying a distressed property through agents could be rash on the budget as you will have to pay the commission costs to him or her which makes it less fair deal.

Make Cash Offer On House In Foreclosure

There are companies that buy houses for cash in New York and sell it to you post flipping. ‘Elite Properties’ is one such company that help buyers and provide necessary services to those who are facing foreclosure, they will also help you in stopping foreclosure. These companies buy the foreclosed properties and renovate it by providing necessary amenities to the future consumer. They do the primary improvements like sewage repairs and HVAC repairs including some renovation of tiles or ceilings. Furthermore, these remodeled properties are listed out in the market for sale at modest prices for homebuyers that wish to buy foreclosed properties at reasonable prices.

Companies that buy house for cash are saviors if you are running out of time, but have your eyes on the dream property. By paying cash for foreclosure properties, you can buy your dream house without worrying about the renovation, as all you get is brand new properties with no flaws. They will propose the final deal and give you a moving date according to your specifications. All you have to do is finalize the cash offer and get things done. You require no paperwork or any kind of legalizations at all.

Last Words Before Purchasing A Foreclosed Property

Given above were the four ways of buying foreclosed properties. After reading the blog above, you will be able to make better decisions for yourself that will take you closer to buying your dream home even if it is a distressed property. If you are residing in New York City and wish to buy and sell properties then get in touch with ‘Elite Properties’ they will provide you with the exact solutions for all your real estate crisis and guide you through the right path.

Buying distressed properties can be enticing for buyers and potential investors as they can avail these properties in the least amount of money spent. Investing in distressed properties can be a fruitful deal for house-flippers and rehabbers because they invest just a little capital to get maximum returns from the sale. Although it is extremely important to understand the know-how of the particular topic.

If you are planning to buy or invest in distress properties you have chosen the right bay we are here to enlighten you, and also share some pro-tips for buying distressed properties.

Find Properties Around The Locality

To find properties it is advisable to start with the locality, there are some things you’ll have to look for while buying a house. Signs like –

• Overgrown plants around the property
• Chapped exteriors that need new painting
• No electricity or electricity supply
• Legal notices pasted on doors
• Newspapers or deliveries lying outside of the home

These are some signs of how you can identify a distressed property. Once you know the location and pick the house of your choice, you can get in touch with a local tax assessor for extracting information about the whole property. Some homeowners keep their information accessible with a note of ‘To sell’ or ‘Available for sale’ with a phone number so you can easily get in touch with them.

Invest In A Good Neighborhood

Buying a home in a good neighborhood is always essential for futuristic planning if you want to further sell it; a healthy neighborhood will eventually become the point of focus for buyers. If you find a place that has a gloomy neighborhood the chances of people buying the home is naught also, the probability of regaining a lively society is next to impossible. On the other hand, if your house is in a good neighborhood it will be sold faster and a large bunch of people would invest in it.

Walk-Through Of The Distressed Property

A walkthrough is an important aspect before buying a distressed property, it ensures the conditions of the house and gives you a brief of required upkeep. The buyer eventually is liable to make the repairs and examine other prerequisites of the property in case of resale scenario.

A specialty home inspection also comes in easy reach while talking about distressed property. The inspector will keenly examine the home and enlist all the potholes that need to be filled. He or she will also provide you with a detailed estimate required for the maintenance and further repairs although, it is advisable to keep aside a fair amount of 20% to cover the expected and non-expected repairs to avoid havoc of mishaps.

Know About The Local Laws About Foreclosure

You should also comprehend the laws of the locality; if you are residing in New York purchasing a distressed property could be much more time-consuming than expected, in some places the judicial process can take up to 12 months while in other states lenders will close the deal in less or in about 60 days. Hence, buying a distressed property in New York can be a tough task in itself.

The foreclosure laws tend to vary from state to state, as a prospective buyer you are required to your due-diligence beforehand. Additionally, the processes may also vary due to the constant changes in law or jurisdiction. It is always advised to get in touch with a lawyer before proceeding with the process of buying distressed properties.

Seek Professional Help To Cut Down Time

Distress property buying process includes a lot of chaotic situations which wastes a lot of your time. In many instances, it takes months to settle a deal because there are more parties involved other than the homeowner. In such cases, it’s advisable to hire a real estate agent experienced with distressed sales, who will help save your time. A specialized real estate agent knows all the technical know-how related to the topic.

Primarily, you should limit yourself to foreclosures because short sales might show a scarred credit score which is never good for a homebuyer or an investor. However, in short sale, possibilities of properly maintained properties are higher since the homeowner controls it and is encouraged to sell at a good price.

Keep Finances in Place

The most important part before buying a distressed property is to get a pre-approved mortgage as lenders or the third party (banks) will only accept serious offers or investors. As a point to shed light on, this is a very competitive market, investors and house-flippers will buy distress houses as-is and rehab it to sell it to bigger property management companies for a better cost. These people mostly make an all-cash offer here, you’ll have to put forth pieces of evidence of how you are reliable as a buyer for the bank or lender to accept your proposal.

There are some more things we’d like to shed light on as a disclaimer-

• If the house is in a really shabby condition, there are zero chances that the bank will get you pre-approved
• You might want to spend more than expected funds in the property if it has a wide and long list of damages
• In worst case scenarios you’d have to opt for a second loan to cover the repair costs
• If you find getting pre-approved is a task tagged impossible you could consider other lenders or lending sources like credit unions or regional banks; these people pay to people who have a flawed credit score
• Opt for FHA loans that require down payments with smaller digits
• Conduct a due-diligence to determine credit lien or taxes are filed in contradiction of the property to ensure you don’t suffer through any catastrophe

We Buy Houses Any Condition

Companies that buy houses for cash could be a savior to you. Companies that buy houses as is are a lot easier to work with they buy your worn-out property and flip it later, post flipping they sell remodeled houses for a better price to interested buyers or investors. When you choose these companies you don’t have to worry about the paperwork and legal procedures including the repair and improvement costs. If you want to buy distressed properties from such home buying companies they will present you with an all-new version of your dream home with no repair required.

Last Words, Before You Make an Offer

Now, when you know the fundamentals of buying a distressed property rest assured you will make the best offer with all this knowledge in your pocket. Keep in mind putting money on a distressed property would not be your ideal plan but it will certainly give you maximum return after carrying out the extensive repairs. If you find yourself stuck in any other real estate crisis feel free to get in touch with us at ‘Elite Properties’ we promise to cater to all your queries and provide you with best possible solutions.

Water is one of the most destructive elements which can enormously damage the whole structure of your house. Damages can occur due to floods, heavy rains or constant leakage from water pipes. It is tremendously necessary to act fast as soon as you see droplets seeping in your house and before it deteriorates all parts of your property.

We understand occurrences of these situations are not pre-determined but the solutions can be so, here we are shedding light on the topic, what to do to sell a house with water damage.

Act Fast, To Save From Water Damage

The very first thing you’ll have to do is to get all the valuable items out of the flooded or wet area and shift it to a dry place. Wooden furniture has a propensity to absorb water and retain it for a long time which could be damaging. By being proactive and moving the furniture you can save potential future repair costs.

If your home does not have enough sunlight coming in, you should switch on the fans and dehumidifiers; they’ll help in drying the areas much faster. Places like basements are known as dark spaces they have no sunlight seeping in at all, and the decay there is rapid and comparatively faster than any other space in the house.

If your house is under insurance you should get in touch with the company at the soonest. The next step is to click pictures of the damage caused by the floods, being thorough in the detailed documentation will help a lot as a piece of evidence also, when you sell your house it acts a proof of honesty towards prospective buyers.

Evaluate the Damage and Start Cleaning

It’s not just water that is going to do damage the house there are additional elements that come into play like mold, which can cause permanent damage. As it takes just 48 hours for mold to germinate, as soon as things get in contact with the mold it will start defiling the furniture, walls, ceilings and other junk as well.

Post floods you can evaluate what items are majorly damaged if there are wooden pieces they can be recovered within 6 weeks but, if you have furniture made from particle board or bison board it won’t be saved. If there is any upholstery that has come in contact with water it has to go to the dry cleaners, these people know how to deal with such fabrics. You can also promptly wash the clothes which were soaked in flood water to avoid decay and mold formation. Kindly note, the organic fabric can immediately clasp mold, it is advised to wash them as soon as possible.

Avoid Expensive Repairs

Water damage can hit hard on your pockets and if you are thinking of repairing the damages caused by floods, think twice. Carrying a repair work would cost you dollars and burn up your equity taking it further by extending the repair costs. You could consider talking to some contractors around to get the best bid for the repair work. If your house has been damp for many days for obvious reasons it would require mold repair, ceiling repair, painting so on and so forth. Hence, as improvements will require a lot of capital it is advisable to sell your house for cash by doing this you are not only getting rid of the water damaged property but also getting a fair deal in all cash.

Selling House As-Is

As mentioned above you will have to act fast and make decisions accordingly as water can severely harm surfaces of your property but, what if you miss out on things and fall in a troublesome situation? The best way you can tackle the scenario is by selling the property to companies that buy houses for cash. When you do not have enough funds for repair and you don’t want to waste your time on the prolonged process of selling house as-is will act as a savior in this situation. It is the best route to cut down your time and save dollars.

We Buy Houses Any Condition

We have provided you some essential tips that can come handy while you plan to sell your house with water damage. There are companies that buy houses as is like ‘Elite Properties’ which will buy houses in any condition and close the deal in as less as 3 days. So, whatever the damage could be they’ll buy your house and set you free from the ugly property and never-ending paperwork. Furthermore, if you are facing any other real estate crisis you can get in touch with us www.elitepropertiesny.com we’ll be happy to help you and give you the best possible solutions.

The home buying process has many different aspects to it which are linked together. One has to conceive it thoroughly and get to know all the fundamentals in the world of real estate. One of the major element of it is ‘Property Chain’.

Here, we will be explaining, everything about property chain. Scroll down to dive in deep.

What Is A Property Chain?

To be explained into simple words, property chain is a full-fledged system where people buy and sell properties from one person to another, meaning; when you a buy a home from someone, they’ll be moving to a new house, which eventually means even they have purchased the place from someone so on and so forth, it continues. This type of transaction is known as an upward chain.

A property chain mainly consists of two people or two parties (i.e. the sellers or buyers). Further, it can increase the number of people involved. The linking starts with an individual who yearns to buy a house and ends on the one who only wishes to sell and not buy these are two different things. The case is different when you buy the home for the first time; first time buyers’ chain only moves upward in the same direction reason, you do not have to sell a property for buying a new one.

The transactions or chains consist of many people namely a chartered surveyor, mortgage lender, appraiser, real estate agent and many more, which means more addition to the rest. It is required for everyone to fulfill their due-diligence in a timely manner so that the process doesn’t lack behind. If anyone from the chain fails to do so the progress of the process will decline to lead to a slower pace of the sale process.

Points To Consider While In A Property Chain

As the home sale process has many chores that have to be achieved in the given time frame, like getting an approved mortgage with specified principles including the closing date; the process can be time-consuming and lengthy. While conducting these steps, there is a high chance of missing out on things which could delay the deal.

Provided below are some of the points you could keep in mind while transacting properties-

• A pre-hand mortgage with agreed principle
• Making a deal and agreeing upon property SSTC. (Agreeing upon SSTC means the offer proposed by the buyer has been accepted by the seller but hasn’t completed the legalizations or paperwork.)
• Hiring a solicitor
• Arranging legal surveyors
• Finalizing the mortgage with the lender
• Exchanging agreements and closing dates

Ways Of Skipping Property Chains

Here are some ways out to skip the property chain –

Choose a first-time buyer, as they are not in chain.

Sell your house fast for cash and move in for a rented lodging. By doing this you are eluding yourself from the chain. This could be an advantage for you while making a deal, as a chain-free buyer, you’ll be enticing more sellers.

If you have your finances in place and are looking for multiple options in property, always opt for upward chains which are short. Example: if the seller has a second property and doesn’t plan to move in it voila, you are sorted.

If you have to sell your property, a real estate developer may ask for a part-exchange. Here the developer will purchase your property as-is to make it a fast-paced process although, as they will be buying home in an as-is condition you are not expected to keep hopes of high returns.

If you are in a tearing rush, you can find a seller who agrees upon the move-out date regardless of they have a property previously bought or not. Sellers in some cases eventually end up agreeing to move for a semi-permanent stay as they want to skip the chain.

Why Chains Fall-through?

There are many possible reasons for a chain to fall-through, according to a survey around three cases out ten i.e. 28% have witnessed major fall-through while purchasing properties. In many cases, the major fall through occurs from buyers side and the rest remaining were sellers who pulled out the deal as the process is apparently prolonging and energy-consuming.

There are many other reasons combined for a property chain to collapse –

• When a buyer or seller changes their mind for not continuing with transactions
• Surveys revealing major property catastrophes
• Buyer or seller loses jobs, falls ill or any other personal reasons
• The buyer cannot make up to the required mortgage loan for what they previously agreed on.
• Legalizations and paperwork stays held or is prolonging

As a piece of advice, it is highly recommended- if you are going through from any of the above situations you should sort them prior to finalizing or even making an offer. If you are on the seller’s side make sure your real estate agent does his due – diligence and assures that the buyer is not suffering from any of the reasons stated above.

How To Break-free From The Property Chain

When you are in a chain, losing a purchase would cost you thousands of dollars. Breaking the chain is the possible thing you could do, there are three ways to break the property chain.

Sell Before Buy Later – here for simultaneous purchases you don’t have to negotiate on the price or time and as a bonus, the seller will reduce their prices reason being they will be selling the property with a tag of chain-free.

Obtain A Bridging Loan –bridging loan allows you to purchase your dream home. If the sale process prolongs then repayment could be pricey over the duration.

Extension Of The Current Mortgage –collecting money over the present property will help you contribute to deposit money for your new place or you could rent a part of your residence to meet the mortgage payment.

Concluding Lines

Hope we were able to counter your queries about property chains if you want to know more about them or any real estate related crisis we will be happy to help with a solution. If you are residing in New York then get in touch with us at ‘Elite Properties ’, we’ll be happy to cater to all your queries.

Selling your home is an overwhelming and exciting process, as homeowners see great offers coming in, it could be quite confusing. While the journey is thrilling, it also comes with its own pros and cons. The situation intensifies when you see a lot of offers knocking doors, you may get confused in concerns with what offer suits you the best. It is essential to get through with the know-how of the whole process and choosing the best deal which covers all your concerns.

Providing below are some tips for picking the best offer while selling your home, which you can keep in mind before you get tempted and wrap-up deals.

Get Thorough With The Process

It could be the first time for many homeowners, and it is essential to know the fundamentals right, in the initial place. The formula to pick the best offer while you sell your home is to understand the process of sale thoroughly. You need to comprehend that, all proposals are not acceptable, the decision completely lies in your hand – you can either decline, negotiate or accept any offers that come in the process.

In some cases offers can also be modified based on the requirements of both parties mutually, this particular process of making a deal is called a counteroffer.

Decide The Criteria Of Sale

While you put your home in the market for sale, you would want to set criteria or baselines on which you’ll be proceeding. Set your zeroes to priorities, for example – if money is the point of inclination you could cut down on the selling duration to find the final offer, and so vice-versa if time is your priority you could cut down the monetary expectations by selling your home fast for least maximum gains.

Receive Comments Positively

As said in the very beginning home selling process is a very overwhelming process, as you are emotionally attached to the place you wouldn’t want to sell it. But nonetheless, it is just a deal which could favor you for life and would lead you to make wiser decisions.

Acceptance will lead you a long way, you would have to face a lot of criticism and welcome to the negative comments of buyers where you would feel offended. For example – If your residence has exteriors that are aesthetically appealing but, as soon as you enter the house the view of the living area is shabby in such cases, buyers are likely to complain. Here, you do not need to lose your calm, this could be a sign, that the buyer is potential and has an interest in your property.

Opt For An All-Cash Offer

As a piece of suggestion – if you want to close the deal fast, it is highly advised to pick an all-cash offer. While walking on the track of an all-cash offer, the buyer would likely put a discounted price on the house which as a seller is an added advantage. It will remove hurdles like contingencies and waiting period. Though it sounds all good and glittery, it is always essential to have your proof of funds letter accounting from the buyer’s bank or any legit lender. Buyers propose a cash offer eventually to pay less for the seller’s property as they elude contingencies, prolonged time of sale and pay hard cash immediately to close the deal. Also, remember the highly priced offer may not always be the best one, you might want to think through the other terms as well. Accepting cash offers will let you be at peace, as the gains would be definite. If you want to sell your house fast for cash. You can get in touch us, we buy houses within 3 days.

Net Proceeds

The amount that the seller is left with after cutting the expenses along with the closing cost is known as net proceeds. For example – If you receive an amount of 5,000,000 dollars as your closing cost, as a seller you would have to meet with some terms of the agreement which will cost you dollars. If the cost of repair, inspection, appraisal, and some other terms cost you 500,000 dollars, the outstanding amount would be 4,500,000 dollars – this amount is known as net proceeds.

• Seller concessions

• Repair cost after home evaluation

• Repair cost post appraisal etc.

Given above are some of the primary charges that you may find in the contract which are subjected to change accordingly.

Assess Contingencies

Contingencies are clauses that are present in the purchase contract. There are a set of standard conditions which must be satisfied, in order to proceed with the sale. The clauses are likely to vary from contract to contract or buyer to buyer, as some of them can be summed up over demands, there are some basic requirements that must be taken care of before progressing to an agreement.

Listing below are some of the common contingency clauses –

Appraisal Contingency

Appraisal contingency is a standard real estate contingency that, allows the buyer to decline the contract without paying the upfront penalty, this case is only applicable when the appraised value of the assessed property is comparatively less than the purchase price. In such circumstances, the seller can ask for a refund of the earnest money deposit.

Inspection Contingency

With a right to withdraw contract before providing the earnest money deposit, buyers also have the entitlement of inspecting the property within the specified time period. This term is also known as due diligence.

Here, the time is usually between 5-7 days, the objective of inspection contingency is that it covers the buyer which helps them to back out of the deal or negotiate for repairs. A home inspector will inspect the HVAC, electrical and plumbing systems. If the report is disapproved by the buyer, he or she could terminate the contract or negotiate mutually.

Financing Contingency

If your funds are likely to fall through as a buyer, you can terminate the contract and reclaim the earnest money deposit if you don’t secure any finances in the given term period (the financing contingency or also known as mortgage contingency states the specific number of days when the potential buyer has to apply or obtain financing).

In such cases, the buyer can request for an extension, or according to the norms, the buyer will have to purchase the property regardless he or she has their finances on track or not. Hence, as a seller, it is always necessary that you comprehend the difference between a pre-qualified buyer and a pre-approved buyer (these terms are used interchangeably, which could also differ from the seller’s requisitions). Although, a pre-approved buyer is always in favor as they have high chances to achieve loan on first place basis.

Home Sale Contingency

In home sale contingency the buyer has to sell their existing property and settle the finances prior to buying the new one (or your home in specific) what it does is, it gives liberty to the buyer ensuring they have the gains from their existing property, further to buy yours inclusive of no hassles. You can also buy and sell property at same time all you have to do is get in touch with ‘we buy houses for cash’ companies like ‘Elite Properties’, they will help you in order to satiate your requirement and get the work done.

In home sale contingency a specified amount of time is provided to manage everything from selling and financing but, it is not necessary that things would go on a definite path as there is a possibility of things might won’t go according to the plan. In such a case the buyer can back out if he or she does not achieve the desired amount of the existing property – here the buyer will not be questioned for terminating the deal.

The seller here furthermore has the privilege to drop the agreement if the purchaser’s house isn’t sold out within the specific time frame.

There is also an additional set of contingencies that are added based on the requirements of the buyer. Some of them are listed below –

• A radon examination

• Mold inspection

• Evaluate the presence of lead paint

• Radon in water

• Well water inspection

• Miscellaneous inspections or other contingencies

Be Interrogative

As money could be the leading aspect of selling a home, it is similarly significant to understand other related terms carefully before making a move. The real estate market is full of uncertainty hence it is advisable to be thorough with the know-how of the selling process.

Ask questions or make a checklist of terms that simplifies the home selling procedure. Check if the buyer is pre-qualified for a mortgage and has a pre-approval letter, this enables the seller to be at peace as the credit score, debts and available assets has been previously passed with an evaluation.

Provided below is a seller’s checklist that you might go through while selling your home –

1. What Type Of Mortgage Does The Buyer Avail?

Each mortgage has some terms of the agreement, and prerequisites, there are mortgages that allow buyers that have a low credit score or even no money required for purchases. There are mortgages that will progress only when the buyer has a required or high credit score to make down payment for the asset.

It does not matter on what grounds is the buyer obtaining his finances, as a seller it is only essential that the buyer has a fair amount of down payment that will provide certainty in the sale. Mortgages like FHA and VA loans have some requirements that need to be satisfied before sanctioning the loan. In an FHA mortgage if the requirements aren’t made the seller might find him or her in a chaos of making last-minute changes in the sale – the demands in a VA mortgage also stand the same.

2. Mortgage Commitment Date

A mortgage commitment date symbolizes the ultimate date of buying a home. As mentioned earlier the home selling process has contingencies throughout, and the risks of a loan fall-through are unpredictable hence, it is necessary to have a mortgage commitment date. If the date lapses, the seller is entitled to keep the earnest money deposit.

3. Required Earnest Money Deposit

Earnest money deposit is the money that is held by a listing agent (escrow) until the sale closes. This money is kept in custody which ensures that the buyer satiates the conditions of the contract if he or she fails to do so the money is given to the seller as liquidated damages. The typical escrow amount is 5% of the sale price.

4. Fix A Suitable Time

Home selling is a hyperactive-chaotic situation as everything is fast-paced. There is a spectrum of home selling bar where you need to fix a suitable time for each move from selling to moving further. It is advised to keep your plans settled as closing dates are usually the most critical aspect of the sale.

5. Mistakes on Contract

Mistakes on contract show poor knowledge of a realtor and uncertainty of the buyer, using white ink, re-writing or over-writing on the contract is unacceptable. Dodging of poor errors will provide you with the assured sale.

A Safe Conclusion For You

Covering many sub – topics, here is providing you with an effective method and tips to consider when you pick the best offer while selling your home. If you are living in New York City and require more assistance regarding the above or any other real estate crisis you can get in touch with a reputed real estate company like ‘Elite Properties’, we will provide you with thorough support and answer each query.

There are several reserves available in the market for all kinds of sectors but, investing in a real estate market needs an accurate plan with prevailing methods of execution. One must have the best of both the worlds that are, facts and capitals that are required for purchase or investment. Most people spend in this market to receive hefty profits, while some of them invest to generate a passive revenue source. Investment in real estate has its peculiar flaws and strengths. Hence, it is highly essential to get them right.

Here are some points you may consider if you are thinking of making an investment in real estate – 

Stating Below Are Some Pros Of Investing In Real Estate

Pros:

Easy To Understand

While speaking of dealing or investing in properties, information that people conceive is almost equal on a primary level. You need to dig in deep to be proficient in this market, which requires a lot of studies and hands-on research.Though as simple as it sounds as complex it can be – investing in real estate is less complicated as it involves purchasing the property and selling it (if the investor wants to do a house flipping).

If you are investing in funds, you must know the number game really well, if you are into trading of bonds the principle halts the same. Investments could be of any kind but, in every way, you would require fundamental math skills that help you in understanding the notion well and painstakingly.

Always Has An Improvable Side

Several other investments could bind you to certain limitations which you might certainly can’t control whereas, real estate investments are more pliable and improvable. As being one of the tangible assets, it is evident to increase a property’s worth in all degrees, by using some ‘elbow grease’ and ‘sweat equity.’ It does not matter how the process of upkeep is – it could be structural or just maintenance of the assets.

The above reason makes investments in real estate improvable. If you are confused about the methods of investing in it, and you are residing in New York City, you can get in touch with ‘Elite Properties‘ they buy house in all-cash offer and bids the best deal every time.

Shield Against Inflation

The yields on real estate are allied to the rents, received from the tenants. Real estate has the head to strike inflation extra consistently than any other reserves, as it reacts in respect with it. It proves to be a good hedge against inflation, as rental properties are re-leased every year (every 11 months), rents are attuned upwards in the inflationary periods. Therefore, you are less worried as an investor in concern to the profits on the property.

Offers Security

Investing in land and assets like property always proves to be a gravy train in the scenario, which also provides you with a sense of security and bequeaths a legacy of your name. Also, investing in other possessions like gold or platinum might leave you bound by stress whereas, a property can’t be theft, so you have a sigh of relief, leading you to a much peaceful future..

Hence, adding an extra asset to your prized possession list never does any harm, but on the other hand, it is profoundly important for the investor to research precisely.

Dual Income Source

Another added benefit of investing in a property is that you can receive profit every-day, but how? Rental income – One of the good thing about rental income is that you can earn profits out of it every-day for a full year or as many years you want, it also acts as a bonus if you have a full time serving job as the rent supplements the income. While dividend stock yields won’t assure you big returns.

Investing in real estate aid in mounting equity as the flow of income is regular and, you don’t have to pay extra charges for the upkeep of the property.

House Flipping

House Flipping is where you buy a property, rehabilitate it, and sell it to potential buyers, to ultimately attain big profit edge on the amount you invested in while buying. As buying a home, fixing it, and selling it could be too much but, it could also help you receive big profits as the property you buy does not necessarily contain structural damage every time.

A smart investor will buy a house do the cosmetic changes, repairs, and staging (if needed) to increase its worth in the market.

There are also some points you can’t oversee while buying a property for house flipping –

• Understand, what kind of house or property you wish to buy

• Neighborhood / Locality plays an essential role

• The property should be handsome and could curb appeal

• The property should have least amount of fixations required

• The property should not contain any mortgage left or unpaid

Always keep in mind that you are not the homeowner but an investor, and no investor will spend on an ugly house for cash.

Stating Below Are Some Cons Of Investing In Real Estate –

Cons:

Greater Transaction Costs

When we compare buying or investing in property with stocks, there is a high chance of property to win the comparison. The size of the property including the category decides the listing price whereas, the amount on stocks will fluctuate for a shorter term (inclusive of the transaction cost) and promise you measurable gains.

The transaction cost of real estate is comparatively high, that transpires due to opacity in the market. Therefore, investing in the real estate market can significantly affect the value of the investment made, ultimately making it more difficult to earn profits, as it is also tangible and requires ongoing maintenance for sustenance.

Illiquidity

The first question appearing in your mind would be, what is illiquidity? As mentioned above, real estate is a big market and a preferable option for investment to many, but it also has some setbacks, and one of them is illiquidity. Trades in the market can be pretty tough as you tend to get fastened with a big price on the property.

Here, the amount invested in the property is returned, with a substantial loss of capital. Such occurrences happen due to the massive gap in the bidding price provided by the buyer and the investment price set by the investor or seller. It is often tough to meet the price of the seller which eventually leads them to back out from the offer.

Requires Management and Maintenance

If you want to invest in real estate markets, make sure you balance the books well. As soon as you make an investment in a property, your expenditure increases inevitably. It requires maintenance and other foundations for the upkeep and improvements, for any glitches in the property. Investing in properties is like a progressive ladder of ever-increasing expenses if the house sits vacant for a prolonged duration.

Investing in a property requires an ample amount of capital, for legal and structural improvements. Charges like financing payments and taxes add to the increasing cost that also consists of maintenance fees.

Clutches Significant Inefficiencies

Including all the above disadvantages real estate also clutches inefficiencies, why? As the investor and buyer both mutually decide the value of the property, here, the investor’s would face an unseen dilemma of not knowing the property’s actual worth.

It is essential to not go with the flow and check everything before proceedings as the amount of information perceived is solely based on clauses given before signing the deal.

Most investors agree to the listed price and make an offer without carrying out a hands-on inspection of the property. For example – An investor purchases a property worth $10,000 and its actual worth could be $10,500 (this could be the best scenario) but, if you purchase a property as same for a $10,000 whereas the price of the property is $7,500 then, this a blunder and a significant loss. Therefore it is highly advisable to carry out an inspection before you make and offer and visit the site to avoid a huge mistake in the coming time.

Creates Liabilities

Being the owner of a property laterally brings a lot of liabilities on your shoulder, and legal issues come into play. As you own a property you are legally responsible for the damages, for instance, if the fence falls off on someone and the person is injured, you are accountable for the medical care of that person, and you may also face a personal injury litigation and attorney fees.

Take Away

All investments have their own set of pros and cons one must know the ropes while diving in the ocean of real estate. A wise investor will make most of both pros and cons to employ maximum profit out of the investment. Moreover, you can contact reputed real estate companies in NY like ‘Elite Properties’ to help you in understanding – buying – selling of properties in NYC.

As we have taken a step in 2019, there are a bunch of questions that jump in every individual’s mind. Similarly applied to the real estate sector as well, do we see innovative opportunities coming in the market or it will be a downfall in the economy? As 2018 was a year full of developments and technologies, let us have a look at some real estate forecasts and predictions for the year 2019.

New Constructions

The real estate market is broad and demanding, and it becomes difficult for the Government to meet the requirements of the civilians. As there is a massive rise in the allowance of building permits, it is highly possible for us to see new constructions gaining numbers in a majority.

A study from the experts reveals, that the percentage of single-family permits issued nationwide has progressed by 8.4% compared to the year 2017 till 2018. The housing market is a gradually retrieving, and the process of filing of permits till receiving the end product consumes time, the market will eventually go through the lack of supplies leading to less listed homes.

New Technology Usage

Use of technology entices buyers. How does this work? Things like virtual staging, walkthroughs, and adoption of VR headsets – where people soak in the 3D visualization and experience of being in their dream home, capturing top shots of the property and landscape through drones – provides a 360-degree view and easy listing on MLS, using Chabot’s on websites and web applications for real estate which aids in saving money and time.

Added to these there is also a trend of Blockchain (is a stage where transactions or trades are carried, through digital currencies) which is growing immensely all over the globe, where people trade in Bitcoins and Ethereum (these are types of Cryptocurrencies that are operated on Blockchain). This platform is beneficial in many conducts as it offers smooth and transparent transactions and trades across the world digitally which involves less leg and paperwork. Here, you ultimately exempt the mediator and close deals directly with the third party.

Prefabricated Homes is the Future

Let us explain to you what are prefabricated homes in the first place – prefabricated houses resemble a 3D jigsaw puzzle, they are manufactured in parts offsite and then assembled onsite on the preferred location. Prefabrication is a construction technique which is fast and cost-effective compared to various other construction methods. Prefabricated homes are designed employing durable materials, offering high performance in concerns with the sustainability.

Facilitated entirely with amenities and luxuries prefabricated homes are a great choice to dwell for shorter terms.

Millennials, Above All the Generations

If your question is, which category of generation is flourishing as new buyers or investors in the real estate sector? The answer would be millennials. The millennials are currently the largest generation on the bar which has the maximum number of first-time home buyers in the real estate industry, calculated to be around 66%.

Millennials are smarter and much knowledgeable in comparison to the baby-boomers and Gen Xers when it comes to the home buying process. With the help of available technologies, IoT and apps millennials examine thoroughly to keep things streamlined before taking any step that might take them down in the pit of loss.

Substantial Increase in Mortgage Rates

A report from Mortgage Bankers Association states that the mortgage rates are currently around 4.9% (that is in the year 2018) and would stay the same in 2019 as well. The above-mentioned studies are based on the 30-year mortgage rates, as the rates would remain the same for a leading half of the year, they might also tend to jump thereby increasing from the current 4.9% to 5.1% as the year ends. According to the real estate market, it is a healthy growth but, as far as the buyer’s market is concerned, it would be an evident downfall.

According to a real estate forecast that was issued for the year 2018 (July) stated, the prices will continue to rise for the year 2019. As the past year experienced a rise of 8.1%, the experts foretold the rise will progress by 6.5% by the time summer arrives for the year 2019.

Sellers Over Buyers

As mentioned above, the increase in mortgage rates and a shortage of inventory recorded in the year 2017-2018 will generate a deficiency in the housing markets. All of the above will create an irregularity in trade, supply, and inversion of investing in real estate. Hence, the prices of properties will rise in 2019 affecting the affordability of buying homes.

In contrary, it is also a golden opportunity for those who are looking for an investment as there are many properties listed on the bar, you get hands on your dream property, which would eventually make you a smart buyer in the seller’s market. But the final word, 2019 is going to be a seller’s market and a gold mine for the ones who are listing their property.

Decide For Yourself

Addressed above were some real estate trends and real estate forecasts in 2019 that we might get to witness. The real estate market is very fragile and has a drift to fluctuate we will advise you to choose your purchases carefully, and not fall in the pothole of errors.

Else, if wish to buy or sell house in NY, you can reach a reliable real estate company like ‘Elite Properties‘ who will be happy to help you and sort your queries for the housing market.

What Is An Inherit Property?

Inherit means to receive, and an inherit property means receiving property from a deceased person or someone who willingly handovers the property to their successors through legal means. Inheriting something does not stop on homes, it may include other possessions too.

Receiving property from a deceased person whom you loved once, can leave you emotionally muddled. It can drown you mentally and leave you blank as many thoughts flow through your mind at a single time. In such cases, it is necessary to figure out the options and choose one wisely as it is a huge responsibility and could also cost you a lot of time and money.

Challenges With An Inherited Property

Inheriting a property comes with responsibilities before you contemplate moving in it. The very first challenge of inheriting a home is, you need to check with the outstanding mortgage debts that need to be paid off. Another added point is the condition of the home – if you receive a property that is shabby and requires improvements, then it is misery in the name of blessing.

Lastly, comes the probate process, primarily this is an initial and a crucial step in this scenario. The heir should make sure that he or she is the lawful successor of the descended. Many homeowners in the United States does not have a will because of which the property of the deceased has to go through probate valuation, for the legal transfer to the beneficiary. This step is usually skipped when the creditor (descended) has the name of the executor (heir) cited in the will.

More challenges come, when there are multiple siblings as beneficiaries, you are left with no option but, selling the property and dividing the amount received by the number of siblings equally. This process will ultimately increase the duration of selling the inherited home including the probate process.

Figure Out The Usage And Consider Your Options

Now, when you have the issues sorted, you might want to have a look at the utility of the property. You need to obtain a decision whether you want to keep the house and shift in it, rent it to tenants or lodge a part of it.

• Keeping The Property

The toughest and not so opted choice for people is keeping the property as nobody would like to live in a place that will remind you of past occurrences.  Also, renovating an inherited home according to your requirements could cost thousands of dollars.

• Renting The Property

Renting is a great source to earn passively unless you have joint beneficiaries but, it has shortcomings too.  As a homeowner, you will have to get done with the improvements of the property, to make it rent ready. This again will cost a lot as being a homeowner comes with liabilities.

• Selling The Property

Selling an inherited property would leave you with great returns and fewer worries. When you sell the inherited property you cut down maintenance cost and upkeeps, you can also choose a reliable real estate company who pays you the closing costs of the property and exempt you from the crisis.

Ways To Sell An Inherited Property

By now, you might have sorted your options that you will opt. If you have thought of selling the inherited house and want to use it as a skipping stone for buying a new one, consider seeing the points below –

• Clear Legalities

Make sure all the paperwork and probate process is carried out if the creditor does not have a will on your or the beneficiaries name, usually the process takes six months to two years for completion (it relies on the size of the estate and the number of beneficiaries).

• Clear Dues And Property Taxes

Clearing dues before selling the inherited property in the market will bequeath you with fewer concerns. As you are the legal owner of the property, you would have to list down the unpaid debts. Make sure you note down the due real estate taxes, ongoing maintenance fees, insurance and HOA fee (community fees) and calculate the expenses carefully for further transactions.

The only levied tax that the heir has to pay is the ‘inheritance tax’, the tax rate is decided on the value of the property and who inherits how much. Spouses do not need to pay them (if they are the heirs), else, the tax rate is 4.5% to 18% which differs from state to state.

• Assessment And Cost Evaluation Of The Property

It is necessary to carry out an inspection, as problems like – plumbing, insulation, fencing, compound/foundation walls, damaged doors or broken windows, could affect your sale. Such minor problems are examined by a professional home inspector, who evaluates everything meticulously.

Cost evaluation of an inherited property has many factors that play a massive role. Attributes like age, condition, neighborhood, location, and area solely decide the worth of property. Also, if you have to go through a probate process you would have to provide the fair market value of the estate on the day of the deceased death.

• Trustworthy Real Estate Agent

Selling an inherited property in NY is not an easy job, and when you are trying to list it in the market, you might need professional assistance which also stands a must. After the property has completed its inspection, the second step is hiring a trustworthy real estate agent who will guide you through the whole selling process.

Here, you need to authenticate that the agent you have hired is local, authorized and has good knowledge. Always, hire an experienced real estate agent who is skilled in all over real estate stream and also specializes in selling inherited homes.

• Sell Inherited Property Fast For Cash

Listing an inherited property in the market create a lot of fuss and is more complicated. Hence, selling an inherited house for cash is the best option to avail, as you get cash in return without hassles. If you have multiple siblings or beneficiaries, the distribution stands to be a fair play. Some Real Estate companies in NYC, like ‘Elite Properties’ buy houses for cash in any condition of any age, which eventually cuts down your time and money.

One more advantage for We Buy Houses for Cash Company is they buy inherited property as-is and renovate it for further sale to provide you with maximum returns.

Find A Reliable Real Estate Company

And, the last step is finding a reliable real estate company. Inquiring for a reputable real estate company is a tremendous problem as you don’t know whom to trust in this niche. If you are facing any financial crisis and are not able to afford the repairs of the property, you can sell your home for cash as is, cutting the expenses in a stress-free way.

For the ones who are trying to sell the inherited property in New York City, can get in touch with ‘Elite Properties’, they have solutions for all your real estate issues and will guide you in your stressful circumstances. Hope the summits above will help you in the easy sledding of selling your inherited home.